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Stock-based compensation
 6 Months Ended
Jun. 30, 2022
Share-based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
The C4 Therapeutics, Inc. 2015 Incentive Stock Option and Grant Plan, or the 2015 Plan, adopted by the Company’s board of directors in December 2015 provides for the grant of incentive stock options, nonqualified stock options and restricted stock awards to eligible employees, outside directors and consultants of the Company.
In September 2020, the Company’s board of directors adopted the C4 Therapeutics, Inc. 2020 Stock Option and Incentive Plan, or the 2020 Plan. Following the effectiveness of the 2020 Plan, the Company ceased making grants under the 2015 Plan. However, the 2015 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2015 Plan that cease to be subject to such awards by forfeiture or otherwise after the termination of the 2015 Plan will be available for issuance under the 2020 Plan. As of June 30, 2022, the Company had 11,055,515 shares reserved under the 2020 Plan and 2015 Plan, and 3,942,586 shares available for future issuance under the 2020 Plan.
Stock-based compensation expense for the three and six months ended June 30, 2022 and 2021 was classified in the Company’s condensed consolidated statement of operations and comprehensive loss as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Stock-based compensation expense:  
Research and development$3,776 $1,940 $7,388 $3,111 
General and administrative4,372 3,288 9,698 5,962 
Total stock-based compensation expense$8,148 $5,228 $17,086 $9,073 
Stock options
The following table summarizes the stock option activity under the Company’s equity awards plans for the six months ended June 30, 2022:
 Number of
Stock Options 		Weighted-Average
Exercise Price
Outstanding as of December 31, 20215,983,425$22.33 
Granted1,962,60020.58 
Exercised(123,288)4.78 
Cancelled or forfeited(766,824)21.77 
Outstanding as of June 30, 20227,055,913$22.21 
Options exercisable as of June 30, 20222,152,611$20.92 
Vested and expected to vest as of June 30, 20227,055,913$22.21 
As of June 30, 2022, the unrecognized compensation cost related to outstanding options was $87.0 million, which is expected to be recognized over a weighted-average period of 2.9 years.
Restricted stock units
During the six months ended June 30, 2022, under the 2020 Plan, the Company’s Board of Directors authorized an issuance of restricted stock units to certain employees, including members of the Company’s leadership team. Stock units will vest in tranches as certain discovery milestones, clinical milestones, or specified market conditions are met. Upon vesting, each stock unit automatically converts into one share of the Company’s common stock.
The following table summarizes the restricted stock unit activity under the Company’s equity awards plans for the six months ended June 30, 2022:
 SharesWeighted-Average
Grant Date
Fair Value
Outstanding as of December 31, 2021— $— 
Granted563,500 25.47 
Vested(64,383)25.01 
Forfeited(3,300)31.58 
Outstanding as of June 30, 2022495,817 $25.49 
As of June 30, 2022, the unrecognized compensation cost related to outstanding restricted stock units was $13.5 million.